BitCoin / LiteCoin
Discussion
Jon999 said:
Gox needs to collapse so BTC can move on. Too much uncertainty scares people, once they go bump it will be forgotten about within a few weeks. Wonder how long they will hold on before they admit the game is up.
This. Gox hasnt been the healthiest thing for Bitcoin for a while and the sooner it goes the better. As you said it will be forgotten about within a few weeks.mrmr96 said:
Currently £67 on MtGoX. Surely worth a punt? A couple of hundred quid in and you could easily 3x to 5x your cash back in a short time if/when they get their s
t together?
Easliy?t together?There is a reason why any traded commodity goes into free fall. One thing you can be sure of is that somewhe someone is trying to catch that falling knife.
Good luck, but in the main its an easy way to lose your money. Like most people I learnt by making that mistake.
The reason Gox is so cheap is that people are essentially betting that they're insolvent. If they do go bankrupt and you're holding funds with them I'm assuming that it's more sensible for those funds to be in the form of an internationally recognized currency. That way the chances of getting some of it back are slim as opposed to none.
Taking the other side of the bet is brave in my opinion. It certainly appears that they had an exploitable flaw in their wallet software. How much did they lose?
Taking the other side of the bet is brave in my opinion. It certainly appears that they had an exploitable flaw in their wallet software. How much did they lose?
I've read a lot of comment saying it's best for Gox to die. Remember though, this is a big player (was) in a first world capital effectively robbing it's customers in slow mo, in full public view. If it does fold, is it not reasonable to see the same trick repeating on a Chinese exchange or an eastern European one?
The end of Gox may very well usher in all manner of controls and state meddling. All the central bank tricks cryptos were suppose to circumvent.
I hope Gox survives.
The end of Gox may very well usher in all manner of controls and state meddling. All the central bank tricks cryptos were suppose to circumvent.
I hope Gox survives.
longone said:
I've read a lot of comment saying it's best for Gox to die. Remember though, this is a big player (was) in a first world capital effectively robbing it's customers in slow mo, in full public view. If it does fold, is it not reasonable to see the same trick repeating on a Chinese exchange or an eastern European one?
The end of Gox may very well usher in all manner of controls and state meddling. All the central bank tricks cryptos were suppose to circumvent.
I hope Gox survives.
The end of Gox may very well usher in all manner of controls and state meddling. All the central bank tricks cryptos were suppose to circumvent.
I hope Gox survives.
I also hope it survives. Obviously because I have coins and GBP in there. But also because if it folds taking thousands of coins and cash with it, then I really think bitcoin is dead.
I'm pretty sure it's dead anyway. But then I have said that a few times now and it does seem very resiliant.
longone said:
The end of Gox may very well usher in all manner of controls and state meddling. All the central bank tricks cryptos were suppose to circumvent.
it strikes me that this is really the crux of all the new wave ideas around at the mo. from Russell Brand, to Occupy through to any cause that regularly features people with Fawkes masks on.we want a new way free from the shackles of state and big business, but we want the security of the established way - protection from criminals, uncertainty and someone to re-imburse us if we loose out.
bitcoin might be something new and revolutionary. but if the software its built on is flawed and there is no comeback for investors when it gets hacked or dos, then i cant see it surviving.
if Brands' ideas about democracy and 'revolution', or Occupys' socialist movements gain traction - like bitcoin has, there is no protection if it all goes wrong.
yes. i have had beer...
^ you've got to remeber that essentially, brand is just full of st. He doesn't like the current situation, but has no alternative solution.
In the same way, people unhappy with the current situation hoped e-coins would be an alternative to the current situation. However, they're now finding that the grass isn't necessarily greener. Since the original moning "company" (satoshi?) that started it all still holds 40 plus percent of all bitcoins, theycould easily bail gox out. But will they? If they did, would it be seen different to when a government does similar for it's own currency? It'd make sense for someone like them to buy a shedload, bail ut gox then recoup the spend wit profit. I think it'd be insider trading,, but who can stop them?
t. He doesn't like the current situation, but has no alternative solution.In the same way, people unhappy with the current situation hoped e-coins would be an alternative to the current situation. However, they're now finding that the grass isn't necessarily greener. Since the original moning "company" (satoshi?) that started it all still holds 40 plus percent of all bitcoins, theycould easily bail gox out. But will they? If they did, would it be seen different to when a government does similar for it's own currency? It'd make sense for someone like them to buy a shedload, bail ut gox then recoup the spend wit profit. I think it'd be insider trading,, but who can stop them?
It remains to be seen if there's any comeback over gox. The vast majority of peoples losses there would not have happened if people actually used the currency as intended i.e. maintained their own local wallet file rather than trusting someone else to hold the coins. As it was they essentially had the worst of both worlds. The unrecoverable losses if you're hacked are an intrinsic part of a pseudo-anonymous currency with no charge backs.
I think the cryto currencies have a future. Not necessarily bitcoin, but one/some of them.
I think the cryto currencies have a future. Not necessarily bitcoin, but one/some of them.
hairykrishna said:
It remains to be seen if there's any comeback over gox. The vast majority of peoples losses there would not have happened if people actually used the currency as intended i.e. maintained their own local wallet file rather than trusting someone else to hold the coins. As it was they essentially had the worst of both worlds. The unrecoverable losses if you're hacked are an intrinsic part of a pseudo-anonymous currency with no charge backs.
I think the cryto currencies have a future. Not necessarily bitcoin, but one/some of them.
I've always worked under the principle that if your coins are in the hands of third parties then make it for the minimum time possible, soon as you can you have to send them to your local wallet.I think the cryto currencies have a future. Not necessarily bitcoin, but one/some of them.
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